Manager Finance – of Navin Packaging Limted has prepared the following trial balance for the company.

However, he resigned from the job. The company is approaching you to assist them in the prepaeration
of financial statements for the year ending Dec 2022

Navin Packaging Limited

Trial Balance Dec 31, 2022
  Debit Credit
Packaging Equipment 30000  
Acc Depr Packaging Equipment   9000
Office Equipment 10000  
Acc Dep Office Eqipment   3000
Packaging Supplies 6280  
Office Supplies 2650  
Trade Receivable 2170  
Cash 8820  
Prepaid Rent 9600  
Bills payable   2500
Trade Payable   1360
Unearned Revenue   1800
Share Capital   35000
Retained Earnings   1350
Dividend 2500  
Revenue   41260
Salaries 14910  
Electricity 2340  
Advertisement 4800  
Telephone 1200  
     
  95270 95270

The following transactions have been observed after the preparation of the Trial Balance

a) Depreciation on Packaging Equipment Rs 3000 & Rs 1000 on Office Equipment not charged
b) Closing inventory of packaging supplies Rs 2360 and for Office Supplies Rs 1190
c) Prepaid Rent includes rent for Jan-March 2023 at Rs 840 per month
d) Accrued Intrest on Bills Payable at 15% p.a from September 1, 2022
e) Unbilled Revenue Rs 1390
f) Unpaid Salaries Rs 970
g) Prepaid Advertisement Rs 400
h) Unpaid Telephone Expense of Rs 200
i) Estimated Income Tax Rs 1600